Aerial view of lake in Ring of Fire, Ontario. Stock image.
The Canadian Chrome Company (CSE: CACR) says three members of local First Nations have agreed to serve as inaugural members of a steering committee. The committee is aimed at increasing First Nations participation with regards to CCC’s Ring of Fire assets.
The Canadian Ring of Fire is a remote, crescent-shaped mineral belt in the James Bay Lowlands of Northern Ontario, containing massive deposits of critical minerals such as chromite, nickel, copper, and platinum.
In a company news release, CCC identified these individuals as Theresa Okimaw-Hall, former Chief of Attawapiskat First Nation, Lawrence Baxter, former Chief of Marten Falls First Nation, and Vida Baxter, a member of Marten Falls First Nation.
The company says the members involvement is personal and does not reflect the views of Marten Falls or Attawapiskat First Nation.
“We want prospective counterparties to hear Indigenous perspectives before any form of transaction regarding the sale of our company or its assets is settled,” said Frank Smeenk, CCC’s CEO. “These three have agreed to sit as the start of that advice.”
Ring of Fire assets
The news follows the company’s previously announced plans to review strategic alternatives, including the possible sale of the company or its assets.
CCC’s current Ring of Fire interests include a 90% joint-venture interest in the Koper Lake project and 30% in the Big Daddy project. Neither project has completed pre-feasibility study or feasibility study. The company did not disclose results of any additional economic analysis.
The company says it is planning a presentation for prospective buyers, merger partners or funding sources.